Accounting and Bookkeeping

Bookkeeping is an indispensable subset of accounting. Bookkeeping refers to the process of accumulating, organizing, storing, and accessing the financial information base of an entity, which is needed for two basic purposes:Facilitating the day-to-day operations of the entity, Preparing financial statements, tax returns, and internal reports to managers. Bookkeeping (also called Record Keeping) can be thought of as the financial information infrastructure of an entity. The financial information base should be complete, accurate, and timely. Every record keeping system needs quality controls built into it, which are called internal controls. The term accounting is much broader, going into the realm of designing the bookkeeping system, establishing controls to make sure the system is working well, and analyzing and verifying the recorded information. Accountants give orders; bookkeepers follow them. Accounting encompasses the problems in measuring the financial effects of economic activity. Furthermore, accounting includes the function of financial reporting of values and performance measures to those that need the information. Business managers, investors, and many others depend on financial reports for information about the performance and condition of the entity. Post Listings on Accounting Bookkeeping Services, Accountancy, Book Keeping, Bookkeeping And Accounting, Management Accounting, Business Accounting, Bookkeeping Services, Accounting Package, Accounting Books, Learn Accounting, Accounting & Bookkeeping Services.. Click To View Present Classifieds